1,462,607 Shares in NioCorp Developments Ltd. $NB Bought by HITE Hedge Asset Management LLC

Key Points

• HITE Hedge Asset Management LLC bought a new stake of 1,462,607 shares in NioCorp Developments (NASDAQ:NB) in the third quarter, valued at about $9.77 million and representing roughly 1.88% ownership.
• Multiple other institutions (including Private Management Group, Geode, PFG, Marshall Wace and Harfst) also increased or initiated positions, leaving institutional ownership at about 4.03% of the company.
• Analysts hold a Moderate Buy consensus with a $8.32 target (mix of 1 Strong Buy, 3 Buy, 1 Sell); shares opened at $4.79 with a market cap of ~$683.7M, a 52‑week range of $1.66–$12.58, and the company recently beat quarterly EPS estimates ($-0.04 vs. -0.88 est.).

HITE Hedge Asset Management LLC purchased a new stake in NioCorp Developments Ltd. (NASDAQ:NB - Free Report) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 1,462,607 shares of the company's stock, valued at approximately $9,770,000. HITE Hedge Asset Management LLC owned about 1.88% of NioCorp Developments at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of NB. Private Management Group Inc. acquired a new position in shares of NioCorp Developments during the 2nd quarter worth about $4,890,000. Geode Capital Management LLC lifted its stake in NioCorp Developments by 2,376.5% in the 2nd quarter. Geode Capital Management LLC now owns 644,182 shares of the company's stock valued at $1,501,000 after purchasing an additional 618,170 shares during the last quarter. PFG Advisors bought a new position in NioCorp Developments during the third quarter worth about $1,224,000. Marshall Wace LLP grew its holdings in NioCorp Developments by 111.3% during the second quarter. Marshall Wace LLP now owns 159,790 shares of the company's stock worth $372,000 after purchasing an additional 84,176 shares during the period. Finally, Harfst & Associates Inc. acquired a new position in NioCorp Developments during the third quarter worth approximately $700,000. Institutional investors own 4.03% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on NB shares. Weiss Ratings restated a "sell (d-)" rating on shares of NioCorp Developments in a research note on Thursday, January 22nd. Loop Capital set a $8.70 target price on NioCorp Developments in a research note on Wednesday, January 7th. HC Wainwright boosted their target price on NioCorp Developments from $9.50 to $11.25 and gave the stock a "buy" rating in a report on Tuesday, January 13th. Finally, Zacks Research upgraded NioCorp Developments from a "hold" rating to a "strong-buy" rating in a research note on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $8.32.

NioCorp Developments Stock Performance

Shares of NB opened at $4.79 on Friday. The firm has a market cap of $683.68 million, a P/E ratio of -5.91 and a beta of -0.12. NioCorp Developments Ltd. has a 52 week low of $1.66 and a 52 week high of $12.58. The firm's 50-day simple moving average is $6.04 and its 200 day simple moving average is $6.26.

NioCorp Developments (NASDAQ:NB - Get Free Report) last issued its quarterly earnings data on Friday, February 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.88) by $0.84. As a group, equities analysts forecast that NioCorp Developments Ltd. will post -0.34 earnings per share for the current year.

NioCorp Developments Profile

NioCorp Developments Ltd is a North American critical minerals development company focused on advancing its flagship Elk Creek Critical Minerals Project in southeastern Nebraska. The company’s primary business activity centers on the exploration, evaluation and development of a polymetallic deposit that hosts significant quantities of niobium, scandium and titanium. Through metallurgical testing and prefeasibility studies, NioCorp aims to produce high-purity ferroniobium, high-purity titanium dioxide slag and scandium oxide for industrial, aerospace and clean-energy applications.

At the heart of NioCorp’s operations is the Elk Creek project, where the company holds surface rights and mineral leases across approximately 7,100 acres of land.

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